O-1991-1754 - Laserfiche WebLink

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e e SECTION 18. ESCROW AGREEMENT. The discharge of the Refunded Obligations shall be effectuated pursuant to the terms and provIsions of the Escrow Agreement, the terms and provisions of which are hereby approved, subject to such insertions, additions, and modifications as shall be necessary (a) to carry out the program designed for the City by Masterson Moreland Sauer Whisman, Inc. and which shall be certified as to mathematical accuracy by Deloitte & Touche, Certified Public Accountants, whose Report shall be delivered with the Escrow Agreement, (b) to maximize the City's present value savings and/or minimize the City costs of refunding, (c) to comply with all applicable laws and regulations relating to the refunding of the Refunded Obligations, and (d) to carry out the other intents and purposes of this Ordinance, and the Mayor is hereby authorized to execute and deliver the Escrow Agreement on behalf of the City in multiple counterparts and the City Secretary is hereby authorized to attest thereto and affix the City's seal. SECTION 19. SOURCE OF CITY FUNDS USED IN REFUNDING. The amount of $151,352.08 available funds of the City are hereby appropriated and shall be deposited to the Escrow Fund which together with certain proceeds of the Bonds shall be used to refund the Refunded Obligations. SECTION 20. PURCHASE OF UNITED STATES TREASURY OBLIGA TIONS. To assure the purchase of the Escrowed Securities referred to in the Escrow Agreement, the Mayor, the City's Chief Financial Officer, and the Escrow Agent are hereby authorized to subscribe for, agree to purchase, and purchase non-callable obligations of the United States of America, in such amounts and maturitie.s and bearing interest at such rates as may be provided for in the Report, and to execute any and all subscriptions, purchase agreements, commitments, letters of authorization, and other documents necessary to effectuate the foregoing, and any actions heretofore taken for such purpose are hereby ratified and approved. SECTION 21. MATTERS RELATED TO REFUNDING. In order that the Issuer shall satisfy in a timely manner all of its obligations under this Ordinance, the Mayor and all other appropriate officers and agents of the Issuer are hereby authorized and directed to take all other actions that are reasonably necessary to provide for the refunding of the Refunded Obligations, including without limitation, executing and delivering on behalf of the Issuer all certificates, consents, receipts, requests, notices, and other documents as may be reasonably necessary to satisfy the Issuer's obligations under this Ordinance and to direct the transfer and application of funds of the Issuer consistent with the provisions of this Ordinance. SECTION 22. ORDINANCE A CONTRACT; AMENDMENTS. This Ordinance shall constitute a contract with the Owners, from time to time, of the Bonds, binding on the Issuer and its successors and assigns, and shall not be amended or repealed by the Issuer as long as any Bond remains outstanding except as permitted in this Section. The Issuer may, without the consent of or notice to any owners, amend, change, or modify this Ordinance as may be required (i) by the provisions hereof, (ii) in connection with the issuance of any additional bonds, (iii) for the purpose of curing any ambiguity, inconsistency, or formal defect or omission herein, or (iv) in connection with any other change which is not to the prejudice of 21